Large holders consider ADA, YFI, and DOGE assets to be dangerous

Whales massively sell three altcoins. Top 3 dangerous tokens by Santiment

24.06.2022 - 18:10

213

2 min

What’s new? Analysts at Santiment have identified three altcoins that large holders are actively selling during the cryptocurrency market downturn. Cardano (ADA), Yearn finance (YFI), and Dogecoin (DOGE) have become dangerous coins, judging by the actions of institutional investors’ wallets.

Santiment’s research

ADA. The first on the list became the native token of the Cardano blockchain, which ranks 8th in the ranking of cryptocurrencies by market capitalization ($17 billion), according to CoinGecko. The wallets of large holders (between 10 000 to 1 million ADA) contain 27,3% of the total token supply. Three months ago they owned 30,5%.

As of June 24, 13:40 UCT, ADA is trading at $0,5, having gained 7,61% per day, according to cryptocurrency exchange Binance.

YFI. The holders of the tokens of Yearn Finance, a DeFi project, whose addresses contain between 1000 and 10 000 YFI, have reduced the number of their holdings by 6,5%in total over the past six months. Analysts note that the behavior of large investors tends to correlate with the asset’s price movements.

YFI is trading at $6,75, the value up by 32,07% per day.

DOGE. As noted by experts at Santiment, there is no activity on the part of institutional investors regarding the meme cryptocurrency Dogecoin when the coin is not in a bullish growth phase. Analysts add that the last peak of such a phase was 7 months ago. The indicator of holders between 1 million and 10 million DOGE has remained unchanged since March when a massive sell-off of the altcoin was recorded.

DOGE is trading at $0,067, the value of the asset increased by 5,98% per day.

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